If you are a business owner or homeowner, you have seen your property and casualty insurance costs rise. Property, liability, home, auto, excess, employment practices liability, cyber insurance, directors and officers, professional liability are all on the rise, with the possible exception being workers compensation.
You likely also heard it is a result of a hard market, but do you really know what that is and is there any strategy to navigating it?
A hard insurance market is when the money available to underwrite risks shrinks, companies and underwriters then become much more discriminating about who they will offer insurance to, and the cost of that insurance increases as a result.
There are many factors that can cause a hard market. Catastrophes like the fires in California, are one. Increased frequency…